FY2024 Earnings Forecast for Canadian Solar Inc. (NASDAQ:CSIQ) Issued By Zacks Research

Canadian Solar Inc. (NASDAQ:CSIQ) – Investment analysts at Zacks Research upped their FY2024 EPS estimates for Canadian Solar in a research report issued on Wednesday, April 17th. Zacks Research analyst R. Department now forecasts that the solar energy provider will post earnings of $2.27 per share for the year, up from their prior estimate of $2.24. The consensus estimate for Canadian Solar’s current full-year earnings is $2.58 per share. Zacks Research also issued estimates for Canadian Solar’s Q4 2024 earnings at $0.80 EPS, Q1 2025 earnings at $0.60 EPS, Q2 2025 earnings at $0.82 EPS, Q3 2025 earnings at $1.13 EPS, Q4 2025 earnings at $1.08 EPS, FY2025 earnings at $3.63 EPS, Q1 2026 earnings at $0.95 EPS and FY2026 earnings at $5.01 EPS.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.11. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.69 billion. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. Canadian Solar’s quarterly revenue was down 13.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.11 earnings per share.

A number of other research analysts have also issued reports on CSIQ. The Goldman Sachs Group dropped their price target on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Wells Fargo & Company dropped their price target on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 19th. Daiwa Capital Markets began coverage on shares of Canadian Solar in a research note on Monday, March 11th. They set a “neutral” rating and a $21.00 price target on the stock. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Finally, Citigroup dropped their price target on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $31.78.

Canadian Solar Trading Down 0.8 %

Shares of Canadian Solar stock opened at $14.41 on Thursday. Canadian Solar has a 52-week low of $14.11 and a 52-week high of $45.29. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The company’s 50-day simple moving average is $19.53 and its 200-day simple moving average is $21.35. The firm has a market cap of $929.59 million, a price-to-earnings ratio of 3.71, a price-to-earnings-growth ratio of 0.23 and a beta of 1.26.

Institutional Trading of Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Canadian Solar by 4.2% in the second quarter. BlackRock Inc. now owns 4,937,823 shares of the solar energy provider’s stock valued at $191,044,000 after purchasing an additional 197,085 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Canadian Solar by 27.1% in the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock valued at $103,661,000 after purchasing an additional 843,100 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of Canadian Solar by 137.9% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,761,422 shares of the solar energy provider’s stock valued at $92,569,000 after purchasing an additional 2,180,240 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Canadian Solar by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 1,983,169 shares of the solar energy provider’s stock valued at $52,019,000 after purchasing an additional 18,810 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of Canadian Solar by 15.7% in the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after purchasing an additional 213,959 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.